I entered the wrong "date placed in service" for my rental property 7 years ago, I sold the house last year and found this issue now in the Turbotax now. I purchased the house in 2006 but use it for rental since 2013, when I file tax for 2013 using TurboTax I put 2006 as "date placed in service", this cause the "prior Depreciation" too high, is there any way I can fix it now?
Thanks
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Edit the asset and enter actual "placed in service" date. For the "prior depreciation", enter the GREATER of (a) the ACTUAL amount of depreciation that you had claimed, or (b) the amount of depreciation that you SHOULD have taken.
Thanks, Do I need to explain it in the description field when I enter the new correct "Prior depreciation"
No, there is no need for a description anywhere.
Yes, the date placed in service can be adjusted. To edit, while logged in to your return:
This should not change anything but your accumulated depreciation.
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